The U.S. and West Michigan economy continue to suffer from uncertainty. Although there have been glimmers of a recovery, we continue to see high unemployment and slow job growth. As a result, the Federal Reserve recently announced plans to keep interest rates low for the next two years. While this is great news for those looking to borrow, it means continued low rates on deposit accounts. Given the current rate environment, we are lowering the Max Checking interest rate to 3.00% APY* effective October 1, 2011.
Since Max Checking launched in July 2007, there has only been one change to the interest rate in the previous four years. And during that time there has never been a change to the other features, benefits or requirements of the Max Checking account. LMCU remains focused on delivering you, the members, the best value in banking, and at 3%, Max Checking continues to be an exceptional value!
*APY = Annual percentage yield. Rate and terms subject to change. Some restrictions apply. Rates collected from individual financial institutions’ websites on 9/16/11.